New Parents? Here’s Some Tips For Planning Your Estate
A newborn is a blessing, and planning for its future starts today, make sure you include your estate planning as part of it
This blog talks about New Parents and Estate Planning. Did you know that only around 32% of Americans have a will? This means that the majority of Americans don't have a plan for their estate.
Planning your estate should be especially important to new parents. It will ensure that your child is cared for by the people that you feel the most comfortable with.
It will also make sure that your child inherits anything you intend them to inherit instead of the state distributing your property.
If you are a new parent, the process of planning your estate can seem like a lot. Here are some tips to help you through the process.
Create a Last Will and Testament and a Living Will
Having a written document to explain what you want to happen in the event that you are medically incapacitated or after you pass will give you peace of mind that your estate will be taken care of.
An estate planning attorney can help you create both documents that will allow you to control where your assets will go and to whom, as well as whom can make decisions for you in case you became incapacitated. A Living Will is a very important document and in general overlooked.
Choose a Guardian and Trustee
Choosing a guardian for your child is an important part of planning your estate for new parents because you will decide who will be caring for your child. In the unlikely scenario that both parents are not able to take care of the child a guardian is even more important.
You can also look into creating a living trust and designating trustees who will manage your assets until your child is able to take over. This will allow you to control exactly what happens with your money, invest in certain accounts, and determine what happens to your property even after you are gone. Creating a Trust for your child is a good way to plan for the unexpected.
Check Into Your Insurance Policy
Looking into life insurance can help you to give your child a better future financially. If you are a new parent or don't have a lot of savings, this could help to make sure that your child is taken care of if you are no longer around.
Check out different life insurance plans that will best fit your financial situation and make sure that your family has a good future ahead of them. Our estate planning attorneys at Citadel Law Firm will talk about Life Insurance with you as part of your estate planning. That is one thing that a lot of attorneys don't do and we do, as we have attorneys with a strong financial background.
Get a Power of Attorney
A power of attorney is someone who can make decisions for you in your absence. Whether it is financial decisions or ones regarding your health, your power of attorney will act in your place for your best interest.
Planning Your Estate to Prepare Your Child for the Future
When planning your estate, following these tips will help to guarantee that your child is properly cared for in the event of your absence. You will be able to live at ease knowing that your estate will be taken care of once you are no longer around.
If you are a new parent and want to start planning your estate to set up the documents you need to secure your family's future, contact us to have an estate planning attorney help you through the process! Call us today at (480)565-8020 or click here to schedule your free consultation.